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Financial News: Australia Leading Index Improves In January - Westpac

Australia Leading Index Improves In January - Westpac

02/16/2021 - 19:43:00 (RTTNews)

(RTTNews) - The Australian economy is gradually starting to pick up steam in January, the latest survey from Westpac Bank and the Melbourne Institute revealed on Monday with a leading index forecast of 4.48 percent - up from 4.24 percent in December.

The growth rate of the Index continues to point to above trend growth in the Australian economy through 2021.

In its February Statement on Monetary Policy the Reserve Bank forecast growth of 3.5 percent for 2021, almost in line with the Westpac forecast of 4 percent. With population growth forecast to slow to 0.2 percent in 2021 compared to 1.5 percent in 2019, both forecasts represent significant above trend growth.

Westpac expects this growth to be led by the consumer with consumer spending contributing around 3ppts to the overall 4 percent growth rate.

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02/24/2021 - 19:45 PM (RTTNews)
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